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fastorai · 1 month ago

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5 Types of Mobile Commerce and How They’re Shaping the Future

Mobile commerce, commonly known as m-commerce, refers to transactions conducted through mobile devices such as smartphones and tablets. As mobile device usage continues to rise globally, m-commerce is quickly becoming the dominant form of online shopping and payment. From mobile shopping to banking and payments, mobile commerce offers unparalleled convenience. In this blog, we’ll dive into the types of mobile commerce, how they work, and why they matter.

What is Mobile Commerce (M-Commerce)?

Mobile commerce (m-commerce) is an extension of e-commerce that allows consumers to purchase goods, make payments, and conduct financial transactions using mobile devices. Whether through mobile apps or responsive websites, m-commerce has streamlined the way businesses interact with customers by leveraging smartphones' ease of use and portability.

5 Types of Mobile Commerce

1. Mobile Shopping

Mobile shopping is perhaps the most recognizable form of m-commerce. It allows users to browse products, compare prices, and make purchases directly from their smartphones or tablets. Mobile shopping is often conducted through mobile apps or mobile-optimized websites.

Examples of Mobile Shopping:

Amazon and Flipkart: These e-commerce giants have dedicated mobile apps that allow users to shop for a wide variety of products from the comfort of their mobile devices.

Myntra: A popular app for fashion and lifestyle shopping in India.

Why It’s Important:

Mobile shopping makes online purchasing more convenient by allowing customers to shop anywhere and anytime. In countries like India, mobile shopping apps are driving the growth of e-commerce, especially in tier 2 and tier 3 cities where mobile devices are the primary mode of accessing the internet.

2. Mobile Banking

Mobile banking is another type of mobile commerce that has gained immense popularity. It allows users to manage their bank accounts, transfer money, check balances, and pay bills through a mobile banking app.

Examples of Mobile Banking:

Google Pay and PhonePe: Widely used mobile apps in India that allow users to manage finances, pay bills, and transfer funds using Unified Payments Interface (UPI).

SBI Yono: The official mobile banking app of India’s largest bank, State Bank of India.

Why It’s Important:

Mobile banking simplifies financial management, enabling users to perform banking tasks on the go without visiting physical bank branches. It also fosters financial inclusion by providing banking services to users in remote areas.

3. Mobile Payments

Mobile payments enable consumers to pay for goods and services using mobile wallets, QR codes, or contactless technologies like Near Field Communication (NFC). This type of mobile commerce makes transactions fast and secure, often requiring just a tap or scan.

Examples of Mobile Payments:

Google Pay, Paytm, and Apple Pay: These mobile payment platforms allow users to link their bank accounts or credit cards for quick payments.

UPI Payments: UPI has transformed the way transactions are made in India, making payments seamless through mobile apps.

Why It’s Important:

Mobile payments are highly secure and convenient, offering features like biometric authentication (fingerprint or face recognition). The adoption of mobile payments is growing rapidly, especially in emerging markets, due to its simplicity and security.

4. Mobile Ticketing

Mobile ticketing involves purchasing, storing, and using tickets for events, travel, or public transportation directly through a mobile device. Users can book tickets and display them digitally, eliminating the need for physical tickets.

Examples of Mobile Ticketing:

IRCTC: India's primary railway booking platform that allows users to purchase and store train tickets on their mobile devices.

BookMyShow: A leading app for booking movie and event tickets.

Why It’s Important:

Mobile ticketing offers convenience by allowing users to store and display tickets digitally, making the entire process smoother and more eco-friendly by reducing the need for paper tickets.

5. Mobile Money Transfers

Mobile money transfers allow users to send and receive money digitally via mobile devices. This type of mobile commerce is especially valuable in regions where traditional banking infrastructure is less developed.

Examples of Mobile Money Transfers:

M-Pesa: A widely used mobile money service in Africa.

Western Union: Enables mobile transfers across countries.

Google Pay: Popular in India for peer-to-peer (P2P) money transfers.

Why It’s Important:

Mobile money transfers are a game-changer for financial inclusion. They provide easy access to financial services in areas with limited banking infrastructure, making it easier for people to send and receive money digitally.

The Role of Mobile Commerce in Business Growth

Mobile commerce plays a critical role in the growth of online businesses, allowing companies to reach a larger audience through mobile apps and responsive websites. With the increasing number of smartphone users globally, businesses that invest in mobile commerce can enhance their customer experience and drive more sales.

Key Benefits of Mobile Commerce for Businesses:

Enhanced Customer Reach: Businesses can connect with customers wherever they are, without being limited to desktop users.

Improved User Experience: Mobile apps and websites are designed to offer smoother, faster experiences, especially for repeat purchases.

Higher Conversion Rates: With features like one-click payments and personalized product recommendations, mobile commerce can improve the likelihood of conversion.

The Future of Mobile Commerce

Mobile commerce will continue to evolve as technology advances. Here are some trends to watch:

Augmented Reality (AR) Shopping: Retailers will increasingly incorporate AR into mobile apps to allow customers to visualize products in real-time.

AI-Powered Personalization: Mobile commerce apps will leverage artificial intelligence to offer personalized product recommendations, enhancing the shopping experience.

Subscription-Based Services: More businesses will offer subscription models through mobile commerce, providing a steady revenue stream and building customer loyalty.

Conclusion

Mobile commerce is not just the future—it’s the present. With more people relying on their smartphones for shopping, banking, payments, and ticketing, understanding the different types of mobile commerce is key to leveraging its full potential. As businesses continue to adopt mobile-first strategies, those who embrace the convenience and power of mobile commerce will thrive in the digital marketplace.

Source - https://www.fastor.ai/blogs/types-of-mobile-commerce

#mobile commerce #E commerce site #Types of mobile commerce #web development

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paisainvests-1 · 3 months ago

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State Bank of India Balance Checking Number

Checking your bank balance is crucial for managing your finances effectively. The State Bank of India (SBI) offers multiple convenient methods for customers to check their account balance. This article will guide you through these various options, focusing on the SBI balance check number and other helpful services.

State Bank of India Balance Checking Number

Why Knowing Your Balance is Important

Understanding your bank balance helps you keep track of your spending, avoid overdrafts, and ensure that your financial health is in check. It’s essential for budgeting, planning expenses, and avoiding unexpected fees.

Methods to Check SBI Account Balance

1. SBI Balance Check Number

How to Use the SBI Balance Check Number

To check your SBI account balance, dial the SBI balance check number: 09223766666 from your registered mobile number. Within seconds, you’ll receive an SMS with your account balance details.

Benefits of Using the SBI Balance Check Number

This method is quick, easy, and doesn’t require internet access. It’s especially useful for those who need their balance information instantly and for customers who aren’t tech-savvy.

2. SBI Missed Call Service

How to Use the Missed Call Service

Simply give a missed call to 09223766666 from your registered mobile number. You’ll receive an SMS with your account balance shortly after.

Advantages of Missed Call Service

The missed call service is free and convenient, making it accessible to all customers, including those with basic mobile phones.

3. SMS Banking

Steps to Use SMS Banking

Send an SMS in the format BAL to 09223766666 from your registered mobile number. You will get an SMS response with your account balance details.

Pros of SMS Banking

SMS banking is useful for those who prefer texting over calling. It provides a written record of your balance, which can be handy for future reference.

4. Internet Banking

Checking Balance Online

Log in to your SBI Internet banking account using your credentials. Navigate to the ‘Account Summary’ section to view your balance and recent transactions.

Security Tips for Internet Banking

Ensure you use strong passwords, log out after each session, and avoid accessing your account from public Wi-Fi networks to maintain security.

5. SBI YONO App

Using the YONO App to Check Balance

Download the SBI YONO app from the App Store or Google Play. After registering, you can easily check your balance and perform other banking operations through the app.

Features of the SBI YONO App

The YONO app offers a comprehensive range of features, including fund transfers, bill payments, loan applications, and investment services, making it a one-stop solution for all your banking needs.

How to Register for SBI Balance Services

Registering Your Mobile Number

Visit your nearest SBI branch or ATM to link your mobile number with your account. This is essential for using SMS banking and missed call services.

Activating Internet Banking

You can activate internet banking by visiting the official SBI website (State Bank of India (onlinesbi.sbi)) and following the registration process. Alternatively, you can request assistance at your local branch.

Downloading and Setting Up the SBI YONO App

Download the app, complete the registration process by entering your account details and OTP, and set up your login credentials to start using the YONO app.

Troubleshooting Common Issues

Missed Call Service Issues

If you’re not receiving balance updates via missed calls, ensure your mobile number is registered with the bank and check for network issues.

SMS Banking Errors

Double-check the SMS format and ensure your mobile number is correctly registered. If issues persist, contact SBI customer service for assistance.

Internet Banking Login Problems

If you’re facing login issues, try resetting your password or contact SBI customer support for help. Ensure your browser is updated and clear your cache regularly.

Conclusion

SBI offers multiple convenient ways to check your account balance, making banking easy and accessible for everyone. Whether you prefer calling, texting, or using the internet, SBI has got you covered. Keeping track of your balance has never been simpler!

By Paisainvests.com

#balance inquiry SBI #bank balance check #SBI account balance #SBI account details #SBI account management #SBI balance #SBI balance check #SBI balance check number #SBI balance checking number #SBI balance enquiry #SBI balance information #SBI customer service #SBI mobile banking #SBI phone banking #SBI SMS balance check #State Bank of India

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paisainvests-12 · 3 months ago

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State Bank of India Balance Checking Number

https://paisainvests.com/wp-content/uploads/2024/07/sdsfdsfdsf.webp

Why Knowing Your Balance is Important

Methods to Check SBI Account Balance

1. SBI Balance Check Number

How to Use the SBI Balance Check Number

To check your SBI account balance, dial the SBI balance check number: 09223766666 from your registered mobile number. Within seconds, you’ll receive an SMS with your account balance details.

Benefits of Using the SBI Balance Check Number

This method is quick, easy, and doesn’t require internet access. It’s especially useful for those who need their balance information instantly and for customers who aren’t tech-savvy.

2. SBI Missed Call Service

How to Use the Missed Call Service

Simply give a missed call to 09223766666 from your registered mobile number. You’ll receive an SMS with your account balance shortly after.

Advantages of Missed Call Service

The missed call service is free and convenient, making it accessible to all customers, including those with basic mobile phones.

3. SMS Banking

Steps to Use SMS Banking

Send an SMS in the format BAL to 09223766666 from your registered mobile number. You will get an SMS response with your account balance details.

Pros of SMS Banking

SMS banking is useful for those who prefer texting over calling. It provides a written record of your balance, which can be handy for future reference.

4. Internet Banking

Checking Balance Online

Log in to your SBI Internet banking account using your credentials. Navigate to the ‘Account Summary’ section to view your balance and recent transactions.

Security Tips for Internet Banking

Ensure you use strong passwords, log out after each session, and avoid accessing your account from public Wi-Fi networks to maintain security.

5. SBI YONO App

Using the YONO App to Check Balance

Download the SBI YONO app from the App Store or Google Play. After registering, you can easily check your balance and perform other banking operations through the app.

Features of the SBI YONO App

The YONO app offers a comprehensive range of features, including fund transfers, bill payments, loan applications, and investment services, making it a one-stop solution for all your banking needs.

How to Register for SBI Balance Services

Registering Your Mobile Number

Visit your nearest SBI branch or ATM to link your mobile number with your account. This is essential for using SMS banking and missed call services.

Activating Internet Banking

Downloading and Setting Up the SBI YONO App

Download the app, complete the registration process by entering your account details and OTP, and set up your login credentials to start using the YONO app.

Troubleshooting Common Issues

Missed Call Service Issues

If you’re not receiving balance updates via missed calls, ensure your mobile number is registered with the bank and check for network issues.

SMS Banking Errors

Double-check the SMS format and ensure your mobile number is correctly registered. If issues persist, contact SBI customer service for assistance.

Internet Banking Login Problems

If you’re facing login issues, try resetting your password or contact SBI customer support for help. Ensure your browser is updated and clear your cache regularly.

Conclusion

By Paisainvests.com

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dhanlabh · 6 months ago

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Know how to close SBI Education Loan Online

Closing an SBI educational loan online involves several steps, including repayment of the outstanding amount and ensuring all necessary documentation is completed. Here’s a step-by-step guide to help you through the process:

Check Outstanding Loan Amount: Log in to your SBI net banking account and go to the loan section to check the outstanding loan balance, including principal and accrued interest.

If you wish to foreclose your loan, you need to inform SBI about the same. This can often be done by submitting a request online through the SBI net banking portal or the YONO app.

Ensure you have the necessary funds in your account to pay off the outstanding loan amount.

Use the net banking portal to transfer the outstanding amount to your loan account. You can typically find the option to make a loan payment under the loan account details.

After making the payment, check your loan account to ensure the balance shows as zero or that the account is marked as closed.

Request a No Dues Certificate (NOC) from the bank. This is a crucial document that proves you have repaid the loan in full.

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sivasaravanachits · 1 year ago

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How Do I Convert My Zero-Balance Account To A Savings Account In SBI?

State Bank of India (SBI) is one of the most popular banks in India that offers a range of banking products and services. If you have a zero-balance account in SBI, you may be wondering how to convert it into a savings account. The good news is that converting your zero-balance account into a savings account is a straightforward process and can be done through various channels. In this blog post, we'll discuss the steps you need to take to convert your SBI zero-balance account into a savings account.

Step 1: Fill Out the Account Opening Form

To convert your zero-balance account into a savings account, you need to fill out the account opening form. You can download the form from the SBI website or collect it from your nearest SBI branch. Fill out the form with accurate information, including your personal and contact details. Make sure to provide the correct account number and name, as this will be used to identify your account during the conversion process.

Step 2: Submit the Necessary Documents

Once you've filled out the account opening form, you need to submit a few necessary documents. SBI may ask for your passport-sized photographs, proof of identity, and address proof. You can submit any government-issued documents such as your PAN card, Aadhaar card, voter ID, or passport as proof of identity and address. Make sure to carry the original documents with you when you visit the SBI branch.

Step 3: Deposit the Minimum Balance

After submitting the necessary documents and the account opening form, you need to deposit the minimum balance required for opening a savings account. The minimum balance varies for urban, metropolitan, and rural areas, and you can find the exact amount on the SBI website or by visiting the nearest SBI branch. Once you deposit the minimum balance, your zero-balance account will be converted into a savings account.

Step 4: Wait for Your Account to be Activated

After you've completed the above three steps, your account will be activated within a few days. You'll receive an SMS or email after your savings account is activated, and you'll be able to access all the savings account features, including internet banking, mobile banking, and ATM services.

Must Read This: Does ICICI Bank Check CIBIL Credit Score Before Opening Saving Account?

Step 5: Update Your KYC Details

Once your account is activated, make sure to update your KYC details. Guaranteed Interest Account Your KYC details are essential for maintaining your savings account, and it is mandatory to update them periodically. You can visit the SBI branch or update your KYC details online through internet banking or mobile banking.

Conclusion:

Converting your zero-balance account into a savings account in SBI is a simple process that can be done within a few days. All you need to do is fill out the account opening form, submit the necessary documents, deposit the minimum balance, and wait for your account to be activated. SBI offers various channels for opening a savings account, including the SBI YONO app, internet banking, and visiting the nearest SBI branch. So, go ahead and convert your zero-balance account into a savings account and enjoy the benefits of having a savings account in SBI.

#GuaranteedInterestAccount #GuaranteedInterest #savingsaccount

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radhikaschauhan · 4 years ago

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Best Online Savings In India

In the era of digitalization, online savings accounts are in trend. You can go through our thorough guide to know all about each of these banks, the features they offer related to savings accounts, and how particularly it can suit your interest. Scroll down to find the best online savings account in India with great features and ease!

From everyday transactions to bill payments, everything can be done with these accounts just in a click. In this article, we will be talking about some of the banks and their services. Find a clear compare and contrast between the interest rate, eligibility, charges, and other characteristics of these trending savings account.

Top 10 Best Online Savings Account in India

Below we have given the ten best online savings accounts in India after referring to various websites. We have taken into account different types of reviews and feedbacks and considering some of the bank’s market reports. So, we have tried to help you out with the best possible ways to create an online savings account in the future.

If you are not willing to maintain a certain/minimum amount in your account, you can open a zero balance savings account, which can be a good option. Now let’s discuss the bank’s policies, primary features, and interest rates for the customers.

1. Savings Account with Signature Debit Card by IDFC First bank

The Savings Account with minimum balance and no other charges. You can also take advantage of the payment of bills, mini statement, money transfer, account balance inquiry, money deposit, and withdrawal, and many more.

So, if you want to open an IDFC First Savings Account immediately, visit the nearest branch or go online by logging in to their official website.

2. Digi Bank by DBS

If you want to open an account with this particular bank, you just need your Aadhaar Card No. Your account will be created in seconds. You just need to verify via an OTP, which will be sent to your Aadhaar Card linked mobile number. Digi savings Account comprises of paperless and hassles free process. You will also be provided with cashback on your shopping, which will be up to 10%, so that you can shop online through various merchants available.

So, if you want to open a Digi Bank by DBS Savings Account immediately, visit the nearest branch or go online by logging in to their official website.

3. Savings Value by YES Bank

With low balance requirements, the YES Bank Savings account also comes with a wide range of customers’ banking services. You can use the ATMs as much as you can without any restrictions or charges. You will also be provided with a single personal identification number for using any type of electronic channels like Mobile, Phone, Internet, and ATM banking.

So, if you want to open a Savings Value Account powered by YES Bank, visit the nearest branch or go online by logging in to their official website.

4. Digital Savings Account by RBL Bank

If you are looking to open digital savings account with the RBL Bank, you have to provide your PAN and Aadhaar Card numbers only. The account provides you with a higher interest rate, anytime/anywhere banking facility, and instant account opening process. To open an instant account, you can physically visit the nearest bank’s branch or install the RBL Mobile Banking App.

5. Kotak 811 Savings Account by Kotak Mahindra Bank (Full KYC)

The Kotak Mahindra Bank online Savings Account keeps in mind the needs of today’s generation. The opening process of this account is straightforward and easy. You just have to provide your PAN Number along with some more details. The account offers you no minimum balance and is packed with other useful banking facilities and services.

So, if you want to open a Kotak 811 powered by Kotak Mahindra Bank (Full KYC) Savings Account, visit the nearest branch or go online by logging in to their official website.

6. IndusInd Online Savings Account by IndusInd Bank (with Premium Debit Card)

For opening an online savings account with IndusInd Bank, you just have to follow a simple application process. The IndusInd Online Savings Account comes with minimum balance requirements and can also be opened by choosing Premium Debit Card. The bank has various types of accounts to facilitate their customers with a broad banking service.

So, if you want to open an IndusInd Online Savings Account, visit the nearest branch or go online by logging in to their official website.

7. Digital Savings Account by Standard Chartered Bank

The Standard Chartered Bank is offering a new generation and all-new modes of Digital Savings Account. Using the online facilities provided by the Standard Chartered Bank, you can instantly open an account by providing the PAN and Aadhaar Number and by completing the e-KYC. After each completed online transaction, you will earn rewards added to you to get a 3 months subscription pack of Saavn Pro.

Note: ‘*’ The repurchase rate or repo rate will be lesser than the rate, which is equal to 25 basis points.

So, if you want to open a Digital Savings Account with Standard Chartered Bank, visit the nearest branch or go online by logging in to their official website.

8. Regular Savings Account by HDFC Bank

The HDFC Bank Regular Savings Account provides an option of a minimum balance requirement. The bank-like free passbook gives many free facilities, 25 leaves checkbook in a financial year free, Balance Certificate and free TDS, unlimited internet banking free, provided free ATM card, and lots more. You will also get safe deposit lockers facilities so that you can save more with the bank’s super saver facilities after creating an account.

So, if you want to open a Regular Savings Account with HDFC Bank, visit the nearest branch or go online by logging in to their official website.

9. Insta Savings Account by State Bank of India

If any customer wants to open an Insta Savings Account powered by State Bank of India, then you have visited the bank’s official website, or you can do it by installing the newly launched SBI YONO APP. Like a normal savings account, you will have to maintain a minimum balance as per the bank’s rules and regulations. You have to include a nominee by using the SBI YONO APP, and it is mandatory.

Pros and Cons of an Online Savings Account

Pros:

If you are thinking of opening a savings account online, you should keep in mind that some benefits can attract you.

Huge interest to be earned: If you have made your mind open an online savings account, your priority list should start with the interest rate. Because the interest rate may go up and down, you will be getting the interest as per the bank’s norms.

Growing your savings account without providing any monthly fees: Once you open an online savings account, then you don’t need to maintain any minimum balance, and your funds will work for you and accomplish your financial goals.

Use your money simply and conveniently way: If any emergency arrives suddenly with your online savings account, you can easily withdraw money, check your balance, and make deposits, etc. anytime, anywhere on-the-go through your mobile device.

Automatic deposits are also available to increase your savings slowly: If you don’t get time or don’t remember to make deposits, the most attractive benefit of an online savings account is that you have just selected a weekly or monthly deposit plan and relax without any headache.

Cons:

Technology and Service interruption: If you are doing transactions online, then you are at the mercy of your network, and if it is slow or out of order, then you can face some bad situations at that particular moment.

Concerns about Security and Identity Theft: If you handle an online savings account, a fear factor works that your account might get hacked. The banks try best to secure their system but still, you have to be more conscious. Don’t share your password and never enter any unsecured site.

Limitations on Deposits: If you are running your online savings account as an individual, then it is ok, but if you are using it for your business purpose, then you should look for physical deposits because some restrictions are there for depositing after a certain amount.

The limited scope of services: You can make bill payments, check balances, transfer money, etc., but if you want to apply for a new account or take a loan, then you have to visit the nearest branch of your bank for signature and documentation purpose. So, there are some limitations on various services if you are online.

India’s Best Online Savings Account

According to market research, India’s best online savings bank is considered to be IDFC First Bank. Because of its seamless services and a wide range of banking facilities, the customer is overall satisfied with their market performance.

The attractions that customers feel are:

Cashback offer after activation of your account. Spend at least Rs. 1000 on your very first transaction through IDFC First Bank Signature Debit Card, and you will get a flat 10% cashback instantly. Follow the terms and conditions.

IDFC First Bank also offers you to spend your money on the BookMyShow app.

IDFC First Bank also gives you the privilege to access airport lounges at free of cost. This is the most interesting and unique facility to attract more customers.

You will also get exclusive offers on any online or offline store if you use IDFC First Bank Signature Debit Card, powered by VISA.

If your debit card got lost or damaged, you will get an insurance cover provided by the bank.

You can also enjoy dining offer with your family with an IDFC First Bank Signature Debit Card.

You will also get a discount on fuel @2.5% if you pay by using IDFC First Bank Signature Debit Card at any petrol pump across India.

Best Online Savings Account for Beginners in India

The most rated bank in India for beginners to make their transactions through opening an online savings account is IndusInd Bank Savings Account (Zero Balance Account).

The IndusInd Bank has a collaboration with Upstox (discount broker Company in India). The bank offers zero minimum balance and other useful features after the creation of the savings account.

No opening charges will be taken on a savings account, trading account, and Demat account if you want to open an IndusStox account.

The customers will also get a titanium debit card and will be rewarded on each debit card transaction. Simultaneously, you can use the rewards you gained by providing the brokerage charges and enjoy a lot more profit in the stock market.

Best Online Savings Account for NRI

So, for NRIs, Axis Bank is the topmost bank in the market and is fully privatized.

Some of the basic facilities provided by Axis Bank NRE account are:

The NRE account of Axis Bank comes with a hand full of facilities like deficient minimum balance, checkbooks for multi-city usage, advises on tax, and online transaction facilities.

The NRE account is structured so that every user can use it, whether it be a student studying abroad, or a businessman in any part of the globe, or any person staying overseas.

If the NRI is absent, then the bank allows residents or relatives to access his account.

Free debit card and checkbook are gifted after opening an account with Axis Bank as a welcome gift.

2 Lakhs accidental coverage is also offered with the debit card, which is free of cost.

10,000 should be maintained in the NRIs account every month.

A personalized relationship manager will be there all time to help you out.

FAQs

Q. List the ways to create a Savings account?

Answer. Some of the basic factors that need to be taken into consideration before opening a Savings account online are the rate of interest provided on deposits, the minimum balance required in a Savings account, 24*7 customer service availability, availability of the nearest branch, and some other factors. If you see that all the factors are covered by a particular branch then you can choose that bank for opening an Online Savings account.

Q. Can you tell me the documents required for opening a Savings account online?

Answer. The documents needed to open a Savings account may differ from bank to bank, but some of the primary documents required are: Voter’s ID. Aadhaar Card. PAN (Permanent Account Number) number. Driving License (permanent). Address certificate issued by Municipal Corporation.

Q. What is the rate of interest upon the balance of my Savings account?

Answer. The Savings account interest rate is calculated and depends completely among the ranges between 4% to 7% per year. The State Bank of India provides 4% interest to its customers while YES Bank, RBL Bank, and Kotak Mahindra Bank give 6% interest.

Q. When my interest will be credited in my Savings account?

Answer. The interest that you will earn upon your savings account will be credited directly to your account following a half-yearly basis. The calculation of interest is done on a monthly or takes an average amount daily.

Q. What are the privileges offered on a senior citizens Savings account?

Answer. There are some benefits that the banks provide to the senior citizens: a. Passbook facility will be free. b.ATM cash withdrawal facility will be free at any bank’s ATM. c.Free of cost SMS alerts so that the senior citizens can track their d. Savings account easily. e.Payments will be much easier by using net banking or online banking facility. f.Discounts will be given at various diagnostic centers and also in hospitals across the country. g.Senior citizens will get priority service at their bank branches.

Via http://invested.in/best-online-savings-in-india/

source https://investedin.weebly.com/blog/best-online-savings-in-india

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ready-jet-go · 6 years ago

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Slashdot: India's Largest Bank SBI Leaked Account Data On Millions of Customers

India's Largest Bank SBI Leaked Account Data On Millions of Customers Published on January 31, 2019 at 08:00AM An anonymous reader quotes a report from TechCrunch: India's largest bank has secured an unprotected server that allowed anyone to access financial information on millions of its customers, like bank balances and recent transactions. The server, hosted in a regional Mumbai-based data center, stored two months of data from SBI Quick, a text message and call-based system used to request basic information about their bank accounts by customers of the government-owned State Bank of India (SBI), the largest bank in the country and a highly ranked company in the Fortune 500. But the bank had not protected the server with a password, allowing anyone who knew where to look to access the data on millions of customers' information. The passwordless database allowed us to see all of the text messages going to customers in real time, including their phone numbers, bank balances and recent transactions. The database also contained the customer's partial bank account number. Some would say when a check had been cashed, and many of the bank's sent messages included a link to download SBI's YONO app for internet banking. The bank sent out close to three million text messages on Monday alone. The database also had daily archives of millions of text messages each, going back to December, allowing anyone with access a detailed view into millions of customers' finances. SBI claims more than 500 million customers across the globe with 740 million accounts.

Read more of this story at Slashdot.

#IFTTT #Slashdot

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un-enfant-immature · 6 years ago

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India’s largest bank SBI leaked account data on millions of customers

India’s largest bank has secured an unprotected server that allowed anyone to access financial information on millions of its customers, like bank balances and recent transactions.

The server, hosted in a regional Mumbai-based datacenter, stored two months of data from SBI Quick, a text message and call-based system used to request basic information about their bank accounts by customers of of the government-owned State Bank of India (SBI), the largest bank in the country and a highly ranked company in the Fortune 500.

But the bank had not protected the server with a password, allowing anyone who knew where to look to access the data on millions of customers’ information.

It’s not known for how long the server was open, but long enough for it to be discovered by a security researcher, who told TechCrunch of the leak, but did not want to be named for the story.

SBI Quick allows SBI’s banking customers to text the bank, or make a missed call, to retrieve information back by text message about their finances and accounts. It’s ideal for millions of the banking giant’s customers who don’t use smartphones or have limited data service. By using predefined keywords, like “BAL” for a customer’s current balance, the service recognizes the customer’s registered phone number and will send back current amount in that customer’s bank account. The system can also be used to send back the last five transactions, block an ATM card, and make inquiries about home or car loans.

It was the back-end text message system that was exposed, TechCrunch can confirm, storing millions of text messages each day.

A redacted example of some of the banking and credit information found in the database. (Image: TechCrunch)

The passwordless database allowed us to see all of the text messages going to customers in real-time, including their phone numbers, bank balances, and recent transactions. The database also contained the customer’s partial bank account number. Some would say when a check had been cashed, and many of the bank’s sent messages included a link to download SBI’s YONO app for internet banking.

The bank sent out close to three million text messages on Monday alone.

The database also had daily archives of millions of text messages each, going back to December, allowing anyone with access a detailed view into millions of customers’ finances.

We verified the data by asking India-based security researcher Karan Saini to send a text message to the system. Within seconds, we found his phone number in the database, including the text message that he received back.

“The data available could potentially be used to profile and target individuals that are known to have high account balances,” said Saini in a message to TechCrunch. Saini previously found a data leak in India’s Aadhaar, the country’s national identity database, and a two-factor bypass bug in Uber’s ride-sharing app.

Saini said that knowing a phone number “could be used to aid social engineering attacks — which is one the most common attack vector here with regard to financial fraud,” he said.

SBI claims more than 500 million customers across the globe with 740 million accounts.

Just days earlier, SBI accused Aadhaar’s authority, UIDAI, of mishandling citizen data that allowed fake Aadhaar identity cards to be created, despite numerous security lapses and misuse of the system. UIDAI denied the report, saying there was “no security breach” of its system. (UIDAI often uses the term “fake news” to describe coverage it doesn’t like.)

TechCrunch reached out to SBI and India’s National Critical Information Infrastructure Protection Centre, which receives vulnerability reports for the banking sector. The database was secured overnight.

Despite several emails, SBI did not comment prior to publication.

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technicalsolutions88 · 6 years ago

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